For Immediate Release:
RATE Statement on the Two-Year Anniversary of America having the World’s Highest Corporate Tax Rate
WASHINGTON, D.C. — RATE Coalition Co-Chairs Elaine Kamarck, former White House adviser to President Bill Clinton and Vice President Al Gore, and James P. Pinkerton, former White House domestic policy adviser to Presidents Ronald Reagan and George H.W. Bush, made the following statement on the two-year anniversary of America having the world’s top corporate tax rate.
“Today marks two years since America’s corporate tax rate of 35 percent became the highest in the world — a dubious distinction that should serve as a call to action for leaders in both parties.
“America’s tax code has not been reformed in almost thirty years, while our competitors in the international marketplace such as Japan, the United Kingdom and Canada, among others, have lowered rates and undertaken significant reforms aimed at creating jobs and attracting foreign companies, including from here in the U.S. Our inaction has resulted in a tax code that is incredibly complex and a world-leading rate that incentivizes U.S. companies to move abroad, taking jobs and investment with them.
“Decades of indecision when it comes to tax reform have put American businesses at a competitive disadvantage. However, with leaders in both parties and on both ends of Pennsylvania Avenue agreeing on the goals of an internationally competitive rate and a simpler, fairer tax system, now is the opportunity for comprehensive reform that will spur job creation and economic growth.”
About RATE Coalition:
RATE is a coalition of 32 companies and organizations advocating for sensible corporate tax reform. Making the tax code fairer and simpler will help spur job growth and stimulate the U.S. economy, and make us more competitive globally. RATE members currently include: AT&T, Altria Client Services Inc., Association of American Railroads, Babcock & Wilcox, Boeing, Brown Forman, Capital One, Cox Enterprises, CVS Caremark, FedEx, Ford, GAP Inc., General Dynamics, Home Depot, Intel, Kimberly-Clark, Liberty Media, Lockheed Martin, Macy’s, National Retail Federation, Nike, Northrup Grumman, Raytheon, Reynolds American, Southern Company, Time Warner Cable, T-Mobile, UPS, Verizon, Viacom, Walt Disney and Walmart. RATE members and affiliated companies represent over 30 million employees in all 50 states and support innumerable numbers of suppliers and small businesses. More information about the coalition is available at www.RATEcoalition.com.